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AGM Part 2
• One of the questions I asked was why there was not a holdings RNS from Clear Capital from the recent subscription raise of 500k but no clear answer was given.
• Asked if they could see any issues for future fund raising, Keith replied that he was very positive that there were no issues and that they have already had requests of people who would like to take part in any future placings.
• Asked if the people of Phulbari had been talked to in detail about the project and about the resettlement program, so that when the project is proposed to the government we don’t have the same response as 2006, Gary assured us that a massive amount of effort, time and work had been spent on this and that the people of Phulbari were very much on board with the whole project, more in depth discussion was said about this, but the overall point was, yes the people of Phulbari are / will be happy with the resettlement program going forward.
• Asked if an RNS would be released when either the SoD was presented to the government or Hasina was spoken to directly by either GCM, or PC, the answer was that they did not think that this would happen because it was felt that Hasina her self would want to be announcing this massive news to the country, so the first we will probably hear about it will be through the Bangladesh press.
• Asked if the proposed power plants by GCM would ever be built, Gary replied that he could not say for sure, but ideally, they would want one of the proposed plants to be built at Phulbari, and then the rest of the coal produced would be transported to other existing plants throughout the country, this would obviously save on their import cost for coal that they have at the moment.
• The infrastructure for transporting the coal throughout the country would potentially be developed by PC.
• Asked about the end of year report, which was written by Gary, Keith and CTW I said that it intermated that the proposal would be put forward in the first quarter of this year, and therefore could they answer if they still saw this happening so quickly, the reply was that they are in constant conversation with the relevant people within the government and that they could not give an exact date but that discussions are ongoing and that because of the situation within the country they did see this happening sooner rather than later.
• Gary believed that on Thursday there was also an important energy meeting taking place in Bangladesh with government ministers to discuss what was thought to be future energy needs which would hopefully obviously mention using own coal, what was thought interesting about this meeting was that it was thought that Hasina herself would be present, which is not apparently the norm….
AGM Report Part 1
Amazingly after being invested in GCM for so long this was the first AGM that I have ever attended and I have to say, that I am pleased that I made the effort to do so. It was a pleasure to finally meet both Gary and Keith face to face, Michael Tang did join the meeting but via a video link, but sadly his camara would not work so it was not possible to read his body language lol, I would personally like to thank both Gary and Keith for their honest feedback to all questions asked, and for their time in staying back after the meeting to go over some of the points raised during the meeting again.
Overall, the atmosphere was all very positive and dare I say it, they did sound slightly excited because they really felt that because of the situation in Bangladesh at the moment with regards to their energy situation and the dollar crisis this really could be GCM’s year… I have to say that from reading all the press articles that I have over the years; I would not disagree with them…
I will keep this as short as I can and try to keep it to main bullet points of how I read the meeting.
• CWT was at the meeting, (I believe by invite), but was not allowed to speak or vote on any points during the meeting, it was interesting having a conversation with him afterwards, and if you could bottle excitement and positivity about the Phulbari project, I would have been able to make a fortune lol.
• There was one of the proposed new NED’s at the meeting, obviously he did not speak, but I was told after the meeting by CWT that he was a really good person and having him onboard would be very positive for GCM, I believe it was said that he was flying out to have a meeting with Michael Tang this weekend, I am sorry but with so much being said and discussed, for the life of me I can’t remember his name. Obviously, we will be told via an RNS shortly.
• Gary chaired the meeting and after all the resolutions that needed voting on had been completed, he started by explaining the current situation in Bangladesh.
• As we all know the Energy / Forex / Financial situation of the country is not very positive
• Phulbari Coal Project is now starting to be seen by many as an important way forward as well as using their own other resources within the country to help resolve some of these issues.
• GCM and PC are in discussions with the government departments.
• Obviously GCM / PC have not yet had direct discussions with Hasina, but this is not surprising because they have to work themselves through the different levels of government before getting to speak to her.
• All the discussions that are taking place at the moment are positive
• Michael Tang was asked by another shareholder why Polo put forward the proposal that CWT should be removed from the board, he said that he could not answer the question because he was at the meeting today as a GCM representative and not Polo, so no clear answer was forthcoming.
Another piece of the jigsaw, more and more of them coming together. Nice find GUN
Bangla need more operational coal extraction before Barapukuria dries up. ***
This makes sense now … Bangla need more operational coal extraction before Barapukuria fires up.
“Barapukuria coal mine — the only operational one in Bangladesh. He hopes his son will take over for him once he retires.
However, reserves are dwindling at the Barapukuria Coal Mining Company Limited and it is most likely to be shut down by 2027, leaving many local workers like Afjal to fend for their livelihoods. “
Source - https://www.tbsnews.net/features/panorama/bangladeshs-oldest-mine-runs-out-coal-its-miners-are-running-out-luck-657546?amp
July 2023
Mr Gooner
Yes sir my biggest holding in MATD but very comfortable with my GCM holding also.
I think HEADER here say everything & replying here because will try to get other post thread deleted.
Please feel free to report (in nice way) because it is on wrong BB obviously and Admin can remove. Will keep this GCM discussion only.
I think very good time ahead for all GCM holders & base on LATEST investment Research 🦉
Here is a few bits taken from the article .......
"Many experts believe it was a fatal mistake to forgo the exploration of all known coal fields in Bangladesh when the government decided by around 2012 not to use this precious available reserve."
"Bangladesh went the other way. Policymakers took the advice of good Samaritans who decried the use of coal and the advice of energy experts and sane industrialists fell on deaf ears. So, coal was out and yet when one looks at the successive power master plans of the country, coal-fired power plants featured large in the energy road map. Why? If the country was not going to use its own coal base, what was the point of building these massive coal-fired plants?"
"The widespread use of heavy fuel oil or HFO and / or furnace oil-run plants has turned finances upside down for the energy ministry. This goes on while gas and coal-fired plants remain idle. Gas because there isn't enough natural gas to spare and coal because the country doesn't have enough dollars to import it. "
"To put all this into perspective, per unit of electricity produced by furnace-oil plant stands at Tk17, which is nearly three times that of a coal-fired power plant estimated at Tk6.0 per unit! Now, had the fateful decision to forgo development of own coal reserves not been taken 12 years ago, Bangladesh wouldn't be experiencing any of today's problems"
" At the end of the day, what policymakers should be asking themselves is not how to increase tariff but how to reduce the cost of electricity generation."
https://thefinancialexpress.com.bd/views/columns/why-purchase-expensive-power
Crowfoot i’ve not lost hope because i’m firmly of the belief Power China have hung around since 2018/19 for a reason - they’ve financed other mines in Bangla and are in the ‘know’ more than any other ‘connected’ individual. If this was a non starter they never would’ve signed in first place, imo it’s always been a case of if and not when as soon as they arrived on scene (hence previous spike up to 80p on JV with them).
Don't get me wrong the wait has been excruciatingly painful but we’re now at the end game. GLA
I agree adam, the first whiff of a deal and it'll be carnage. We are all but priced to fail and if I'm honest I'd given up on this one long ago. Hopefully exciting times ahead. GLA
There might be more shares in issue but we’re talking about a project in its billions, hundreds of them.
By the time we’re up and running we’ll likely have over double the amount of shares in issue with warrants, conversions and interests on debts etc - there’s a lot of cash invested in us getting approval (and screwed if we don’t)- when approval comes even if we had triple the shares in issue it would matter very little as we’ll still be worth £’s with the value of our assets and strategic partners.
Measly 7m mcap is worth a couple of weeks output.
Does anyone else think small trader sells happen with quick profit & replace by some larger holders who know something and look for committed holding? 🤔
Not long until Bangladesh Govt unveil plans & we know already they have been discussing with GCM / PowerChina. 🦉
+10.95% Up on Google finance at close - no wonder could not buy more to top up holding!
Somebody bidding for 560k shares in the auction at 3.75p so looking good or net week. I think once/if we break 4p we should see fireworks! Does anybody remember how this used to rise 5 years ago? Different amount of shares in issue now but still tightly held. GLA
I could not even get a £100 buy top up at close - this is problem in trying to build up holding level.
Header say all - DYOR and will understand.
Have a good weekend all holders. Next week should be another great one as rise just started really. 🦉
We’ve jumped 60%+ by just identifying individuals for the 2 roles, on confirmation we’ll see a similar move imo as the uncertainty will totally disappear.
If that can be followed up with news re proposals to govt then you’ll really see us flying! Small volume lifted us thus far, with confirmation and a real plan we’ll get back to dizzy heights again soon.
As we come to a close on Friday
I honestly expected this to be higher?
NEDS almost confirmed
Suspension fears gone
£500k raised
£300k polo loan still available
Great RNS from CW
And all the news pointing to own coal
So why ain’t we moved up much higher ?
Anyway …. I’m still smiling as we go into the weekend with GCM !
See you all next week! GLA
SP shored up nicely here, people wanting cheap entries will have to pay for them, buying with the herd will only result in a higher price.
Looks great for the rest of us, hopefully NED’s confirmed next week then we can really get excited! GLA
A big Thankyou to everyone who's updated us after attending the AGM
Difficult to say to be honest. I know he is well respected by other members of the Board. I think one of the potential NED's was in the room, but I never got the chance to talk to him.
Tiggy did you get to chat to CTW? Do you think he'll return? I guess he needs to sort out his differences with Tang before he can?
Searcher, I have the impression Hasina maybe sitting in on these meetings now, something that hasnt happened before.
Yes it would be good to see Christian back. Very experienced and a lot of connections in the City by all accounts.
Very lucky to be adding at these prices with NED’s all but confirmed! Mm’s not offering much before lifting price, hopefully going in to sticky hands or LTH’s averaging down, we get a sniff of proposal being submitted then really is boom time. According to recent update this will be done in the next 4 weeks.
Haha….. I guess after 17 years of trawling through the Bangla rags every night - he deserves a couple of days off!
Manu, I did allow Searcher a few days off to enjoy London but told him he must report back to work on Monday and no expense claims!!